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Sam Callahan: What You Need to Know About GBTC and the Crypto Contagion

Coin Stories

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BlockFi

When the premium was like 15, 20% on this GBTC arbitrage trade, um, it turned around and offer retail investors, you know, I think up to like 9% on certain stablecoins. And so basically their whole business model was based on this Arb trade. They would get user funds into these interest bearing accounts. Then they would collect 15% they would give the six to eight percent to their clients in their investing accounts. The last time I got an email was for their Bitcoin around 2%. So huge drop in their products and that's attracted people. Um, and so how many companies were doing this?

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